//
According to Reuters, the pound fell by 0.3 per cent against the single currency, which stood at 87.60 pence, after concerns about the UK's economic outlook returned.
Attention was focused back on the pound after Nationwide housing data released in early European trade revealed that British house prices decreased for the third month in four in October.
The mortgage lender stated that the average property was down by 0.7 per cent, following a flat reading in September.
Jane Foley, a senior currency strategist at Rabobank, said: "We have had a very volatile week after the better-than-expected GDP data but there is still an awful lot of concern about the prospects for the UK outlook."
This comes in contrast to yesterday morning when the euro fell against sterling after nearing a 1.5 per cent decline on Tuesday.
Posted by Greg Secker
